Albany Brick Multi-Family
For Sale
$285,000
Pending
74 Philip Street, Albany, NY 12202
MULTI_FAMILY - Other - Albany, NY
Property Size2,340 SF
Lot Size0.04 Acres
Days on Market126
Property Features for 74 Philip Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Patio and Porch features
Patio, Porch
Interior features
Vaulted Ceiling(s), Built-in Features
Basement
Apartment
View
City
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Madison Ave. to Phillip St.
Standard status
Pending
APN
010100 76.49-5-8
Size
2,340 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4448
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Amenities
in-unit washer/dryer hookups
newer back porches
Building Details
Year built
1860
Number of units
3
Flooring type
Laminate, Hardwood
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Andrea Tallman · License #10401378283
(518) 410-8050
Added: Apr 6
Changed: Aug 7
Last Checked: Aug 9 at 4:06PM
MLS# 202614522
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained brick 3-unit property is located in Albany's historic Mansion District. It presents a strong addition to any portfolio or a great opportunity for an owner-occupant. The property has a total size of 2340 square feet and a lot size of 0.04 acres. The basement unit is rented month-to-month. The first-floor two-bedroom unit is vacant and features vaulted ceilings, hardwood floors, and original built-ins. In unit washer and dryer hookups add convenience. The third-floor one-bedroom is rented on a lease with a long-term, stable tenant. The property features separate utilities and new electric connections for each unit, and newer back porches. This property offers both flexibility and reliable income potential.
Key Highlights
- Well‑maintained brick 3‑unit built in 1860 in Albany’s historic Mansion District
- Unit mix: first‑floor 2‑bedroom, third‑floor 1‑bedroom (leased), and basement unit rented month‑to‑month
- First‑floor 2‑bedroom features vaulted ceilings, hardwood floors, and original built‑ins
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,903
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$478,060
$478.1K
Cap Rate 7%
$341,471
$341.5K
Cap Rate 9%
$265,589
$265.6K
Market Conditions
NOI Build-Up for 2,340 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.3K $19.80/SF
− Vacancy
−$2.9K −$1.23/SF
EGI
$43.5K $18.57/SF
− OpEx
−$19.6K −$8.36/SF
NOI
$23.9K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$478,060
Cap Rate 7%
$341,471
Cap Rate 9%
$265,589
Alternative Uses
Best Use
Multifamily LT 5
$380.7K
$333.1K – $444.2K
NOI $26,649 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$341.5K
$298.8K – $398.4K
NOI $23,903 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$617.4K
$540.2K – $720.3K
NOI $43,215 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained 3-unit property in Albany's historic Mansion District.
Where is this triplex located?
The property is located at 74 Philip Street Albany, NY.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Well‑maintained brick 3‑unit built in 1860 in Albany’s historic Mansion District; Unit mix: first‑floor 2‑bedroom, third‑floor 1‑bedroom (leased), and basement unit rented month‑to‑month; First‑floor 2‑bedroom features vaulted ceilings, hardwood floors, and original built‑ins
